Analysis of the Tax Exclusion for Canceled Mortgage Debt Income

Author / Creator

Library of Congress. Government Division

Available as

Online

Summary

Provides overview and analysis of current tax treatment of canceled debt income. Discusses changes enacted by P.L. 110-142, the Mortgage Forgiveness Debt Relief Act of 2007, which excludes canceled...

Provides overview and analysis of current tax treatment of canceled debt income. Discusses changes enacted by P.L. 110-142, the Mortgage Forgiveness Debt Relief Act of 2007, which excludes canceled qualified residential debt from income when calculating taxes; and changes enacted by prior legislation. Addresses policy options.

Show More